Don Duncan was featured in a Kiplinger article on maximizing after-tax wealth by integrating tax strategies. To read the full article, click here.
You wouldn’t depart for an important trip without a clear idea of how to get to your destination — or at least without a GPS or map to show you how to get there. The same logic applies to your journey through life. You’re likely to get lost without a clear financial plan to get where you want to go, now and well into the future.
For our Affordable Family Office clients, tax planning is a year-round activity. 2017 presented us with a unique tax planning opportunity, as we saw tax reform enacted in December. Broadly speaking, this tax reform will both limit deductions and reduce federal tax rates in 2018 & beyond.
Conventional wisdom says that what goes up, must come down. But even if you view market volatility as a normal occurrence, it can be tough to handle when it's your money at stake. Though there's no foolproof way to handle the ups and downs of the stock market, the following common sense tips can help.
There are two major drags on the success of your financial plan: fees and taxes. Fees are necessary to get professional management and advice and usually average about 1.5%. You evaluate the value you get by paying fees at least annually. Taxes are a significantly bigger drag than fees. The lowest capital gains tax rate is 15% or ten times as much as the average advisor fee. If you can minimize the tax drag on your wealth accumulation and retirement drawdown strategies, you can significantly increase cash flow and family wealth. Click on this link to get the details of the 2018 tax law and how it may impact you.
The IRS has provided information on the latest tax scam to be on the lookout for.
We have been sharing with all of our clients for at least 6 months that a technical correction in this market was long overdue. Our primary indicator was that normal volatility in the market has been very subdued and abnormally low. The chart below shows how low downside volatility has been recently compared to history.
1. What is your background as an accountant and what drew you to pursue a career as a CPA?